HSBC's Profit Increases

Bank Hits Its Targets
Despite Write-Downs
On Loans in the U.S.

LONDON -- HSBC Holdings PLC said its profit rose in the first quarter despite impairments on personal-finance loans in the U.S. amid warnings of an increased likelihood of a recession there this year.

The bank, which has a market capitalization of more than &pound;100 billion, or about $200 billion, said it met or exceeded its main targets in the quarter. It doesn't report complete quarterly results but is to release its half-year...